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Wendy Chong’s career mirrors the blossoming of central Oklahoma City.
She joined RE/MAX First in 1997, trying to sell real estate in a metro area still scarred by the bombing of downtown’s Alfred P. Murrah Federal Building two years earlier.
Today, downtown Oklahoma City and the urban neighborhoods around it are more vibrant and popular than ever. Chong, who ranked No. 47 on the RE/MAX Top 100 U.S. Individuals list for 2012, is a member of the RE/MAX Hall of Fame and the Chairman’s Club. Her career has dovetailed Oklahoma City’s revival. She remains busy and passionate about the urban neighborhoods she represents, and says that knowing your market is the first step to success. Here are some more of her insights:
Do you deal mostly with sellers or buyers?
Both, it’s about 50-50 each, though a quarter to one-third of my business comes from my own listings.
What’s the market like in your area?
I have a strong presence in older, historic neighborhoods in Oklahoma City. The downturn wasn’t as severe or as long-lasting as it was in the rest of the country. Now the inventory is low, and listings are like gold – a rare and precious commodity! In recent months, since business really picked up, homes are typically selling within two weeks if they’re priced in line with the market.
How does that affect how you advise buyers?
A lot of my clients are young first-time buyers. They don’t know where to begin, so they rely too much on their parents’ advice, which isn’t necessarily in tune with current housing realities. I try to educate them, but sometimes it can take losing a house or two before they fully realize that the market is tight, that you have to act quickly, and that you have to offer a fair price to get the house you want. Don’t get me wrong: I want them to get the best deal, but right now that may mean a full-price offer!
How do you educate sellers?
It’s all about pricing, and sometimes you have to rein people in a bit. Even in this market, sellers need to be realistic; they need to pay attention to the appraisals and to the kinds of loans buyers are likely to bring to the table.
What are your favorite RE/MAX tools?
Remax.com really drives online traffic. I’m also on Realtor.com, but the RE/MAX site is more flexible and customized, so it really emphasizes the city neighborhoods I specialize in. It appeals to everyone, but it tends to skew toward the younger audience attracted to the urban areas I represent.
What kind of marketing do you find most effective?
Old-fashioned mailings are very effective in these urban neighborhoods that are my niche market. I do them quarterly, sometimes twice a quarter, sending up to 3,500 postcards with updated listings.
We’re also on Facebook, and I recently just became proficient on Twitter, which I like more than Facebook. It’s more business-oriented and less personal. We’re also trying to start a YouTube channel, where we’ll post video listing tours, short neighborhood profiles, open houses, and other items of value.
What qualities have made you successful?
I try to be approachable, but I also believe in the soft sell. I’m informational rather than in-your-face promotional. I don’t like to bombard or badger people; it comes across as unprofessional. And I don’t think clients appreciate it either.
What advice do you have for new agents who are just starting out, or trying to advance in their careers?
The niche approach has worked for me, so farming is something to consider. You brand yourself as a certain type of go-to person – and I don’t mean you should pigeonhole yourself. There’s a difference between specializing and limiting yourself. For example, my key market is urban, diverse, older metro areas, but I’ve also sold new-construction in the suburbs. Still, I like to capitalize on the knowledge and connections that come with having a niche.
Written by RE/MAX News
